[Steve_American]

Prof. Bill Mitchell is a founding MMTer and he has been studying the economy of Japan since the late 80s.

Part one includes 4 graphs that everyone should see. They show Japan's economic history for 3 decades. Bill asserts that these graphs can't be explained by using the standard mainstream economic theories. The combination of large Gov. deficits (up to 10% of GDP in a single year) with no inflation at all and bond interest rates falling down to 0% is just impossible if mainstream theories are correct. There are other such pairs in the 4 graphs.

I assert that any claim that Japan is a special case, fails because any other nation could also be special case. And the inflation in the US & others from 2008 to 2019 shows that the US & others are also special cases. But, if Japan, the US, & others are all special cases, then what nations are left for the theory to apply to? That the theory claims to be universal and then must exclude many advanced nations, means the theory is total BS.

Link to part #1 => http://bilbo.economicoutlook.net/blog/?p=48952

Link to part #2 => http://bilbo.economicoutlook.net/blog/?p=48956
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[Truth To Power]

Link to part #1 => http://bilbo.economicoutlook.net/blog/?p=48952

Link to part #2 => http://bilbo.economicoutlook.net/blog/?p=48956

Thanks for posting this. The one thing that seems to be missing from Mitchell's analysis is any treatment of the systematic falsification of Japanese "inflation" (CPI) data by the BoJ since, basically, the 1970s.